Airbus Group reports solid 2015 results

Airbus Group reported solid 2015 results with its guidance achieved for all key performance indicators, reflecting continued operational improvement. Group revenues increased 6% to €64.5bn (2014: €60.7bn). This was mainly driven by Commercial Aircraft which registered an 8% rise in revenues on higher deliveries of 635 aircraft (2014: 629 units), including 14 A350 XWBs, and the strengthening U.S. dollar. Despite lower overall deliveries of 395 units (2014: 471 units), Helicopters’ revenues rose 4% and mainly reflected a higher level of services activities. Defence and Space’s revenues were broadly stable despite the de-consolidation of launcher revenues with the creation of the Airbus Safran Launchers Joint Venture’s first phase. A total of 11 A400M military transport aircraft were delivered in 2015. Group EBIT before one-off an indicator capturing the underlying business margin by excluding material non-recurring charges or profits caused by movements in provisions related to programmes and restructurings or foreign exchange impacts – rose to €4,132m (2014: €4,066m) with increases in all Divisions compensating the lower Dassault Aviation contribution. Commercial Aircraft’s EBIT before one-off rose 10% to €2,780m (2014: €2,529m), reflecting a solid operational performance that included the A380 breakeven and cost control. Helicopters’ EBIT before one-off increased to €427m (2014: €413m), as lower deliveries were compensated by higher services activities, a favourable mix and progress on the Division’s transformation plan. Defence and Space’s EBIT before one-off rose 15% to € 1,060m (2014: €920m), driven by strong programme execution across all business lines and progress with its transformation plan. Net income and earnings per share (EPS) increased 15% to €2,696m (2014: €2,343m) and €3.43 (2014: €2.99) respectively. The finance result was €-687m (2014: €-778m) and included one-offs totalling €-218m, mainly from a negative foreign exchange revaluation. 2015 net income and EPS were positively influenced by a lower effective tax rate following tax reduced capital gains from divestments. Group order intake in 2015 was €159bn (2014: €166bn), with the order book value reaching a record €1,006bn as of 31st December 2015 (year-end 2014: €858bn). Airbus decided to increase the A330 production rate back to seven aircraft a month in 2017.